The expansion phase of a business cycle is best described as the time
A) elapsed from a trough to a peak.
B) elapsed from a peak to a trough.
C) elapsed from a peak to a peak.
D) elapsed from a trough to a trough.
E) spent producing above the long-run trend of GDP.

Question

Quizplus · Accepted Answer

The expansion phase of a business cycle is the period of time elapsed from a trough (lowest point of economic activity) to a peak (highest point of economic activity). During this phase, the economy experiences growth in output, employment, and overall economic activity.

The Expansion Phase of a Business Cycle Is Best Described